Research On The Political Economy Of China's National Debt

The world today is facing major changes unseen in a century.Affected by the continuing impact of reverse globalization and the new crown pneumonia epidemic,the world economy is showing a decline in low or even negative growth.Developed countries generally implement quantitative easing and proactive fiscal policies,and the issuance of treasury bonds has become a common funding model adopted by all countries.In order to cope with the economic dilemma,the Chinese government has also raised funds through multiple channels.In 2020,it will arrange for local governments to add 3.75 trillion yuan in special bonds and issue 1 trillion yuan in anti-epidemic special treasury bonds.In this context,the study of national debt of various countries has also become a hot and frontier issue.Based on the background of my country's socialist market economy,in-depth research on the historical evolution,internal mechanisms,and effects of my country's national debt on social reproduction can make the formulation of China's national debt policy more scientific and feasible,and prevent and control national debt Risks,promote development,ensure operation,protect people's livelihood,serve the four modernizations and the centennial goal.This article aims to systematically analyze China's national debt from the perspective of political economy.The first is to explore the internal mechanism of national debt issuance management,analyze the problems of China's national debt policy,and put forward specific suggestions and countermeasures for optimization.The second is to explore the role and influence of the national debt policy on social reproduction,analyze the process of national debt circulation and the mechanism of influence on China's socialist market economy.The thesis consists of eight parts:The first part is the introduction.Mainly explore the background and significance of the topic,the technical route of this article,the research methods involved,and summarize the structural arrangements and innovations of this article.The second part is a literature review.Using the literature research method,this article first reviews the classic theories of national debt at home and abroad,and explores the guiding role of the national debt theory on modern national debt policies.Secondly,it sorts out the main research literature on the issuance of national debt,the market and circulation of national debt,the distribution of national debt funds,and the repayment of national debt.A review of the classic theories of national debt and the main research literature found that most of the existing documents analyze the applicability of mainstream national debt theories,the economic effects of national debt,and policy effects from the perspectives of finance,finance,and management.Few scholars systematically analyze the operating mechanism of national debt and the relationship between national debt and socialist reproduction in my country from the perspective of Marx's social reproduction theory.Therefore,it is of great significance to explore the national debt theory with Chinese characteristics through Marx's social reproduction theory and enrich the understanding of the existing national debt theory.The third part is the exploration of national debt and social reproduction.It mainly analyzes the theoretical basis of Marx's social reproduction theory,derives the economic growth model in Marx's social reproduction theory,and explores the role and value of national debt on Marx's economic growth theory.Finally,it analyzes the impact of national debt on social reproduction,and builds a theoretical foundation and model framework for this article.The fourth,fifth,sixth and seventh parts are the internal mechanism of national debt and its relationship with social reproduction,including the issuance and production of Chinese national debt,the investment and distribution of national debt funds,the market and exchange of national debt,and the repayment and consumption of national debt.First of all,this article uses logic and history to unify the research method to analyze the characteristics of China's own logic of national debt policies and national debt in different periods.Secondly,using the method of combining empirical analysis and normative analysis,through historical analysis,empirical analysis,case analysis,trend analysis,statistical data and logical analysis,explain the historical stage characteristics of China's national debt and future development trends and development directions.Thirdly,using dialectical materialist analysis,looking at the internal structure of national debt from a development perspective,comprehensively analyzing the logical relationship and mechanism of action between national debt and social reproduction,and analyzing the dialectical logic between the two.Finally,through the analysis results,the problems existing in each link of China's national debt policy are pointed out.The eighth part is the suggestions for improving China's national debt policy.To put forward perfect countermeasures and suggestions in response to the problems of the national debt policy,which is of great significance for improving China's socialist market economy system,building a high-standard market system,advancing a new development pattern,and strengthening fiscal and financial risk control and management.The main conclusions of this article include: First,it fully affirms the results of China's current national debt policy implementation.By combing through the historical evolution of the issuance,capital placement,market and circulation,and repayment of treasury bonds,it is very obvious that China's treasury bond policy is gradually improving in reform and innovation.With 70 years of historical experience,national debt has become an important means of macro-control and a link and bridge between fiscal policy and monetary policy.The second is to analyze the logical relationship between each link of China's national debt and social reproduction,and find the internal logic between the two,and to dialectically look at the impact of national debt on social reproduction.China's national debt policy has played a positive role in the process of social reproduction.The original intention of the national debt is to raise funds for the development of productivity,with the purpose of coordinating the coordinated development of productivity and production relations;the national debt policy is a process of redistributing national income and is also a national overall plan.According to the different economic factors of various regions and industries,the process of secondary distribution of funds;national debt has a certain "quasi-currency" effect,not only can be circulated as a valuable commodity,but also can exist as currency in the exchange process.The national debt policy has a certain degree of stimulus and influence on both national consumer spending and household consumption.Third,there are problems in the issuance of Chinese government bonds,such as small issuance scale,single issuance method,and unbalanced holder structure.The market and circulation of national debt have the problems of whether deficit monetization should be implemented,the lack of liquidity in the secondary market,and the separation of the issuance market and the circulation market.Treasury bond fund investment has problems such as irrational fund investment structure,inefficient use of funds,and unclear whereabouts of funds.There is a problem of increasing pressure on the repayment of national debt.The fourth is to propose corresponding solutions to the problem of China's national debt.It is necessary to further improve the national debt issuance mechanism and system,promote the development and improvement of my country's national debt circulation market,improve the effective mechanism of national debt fund investment,and establish a complete national debt repayment mechanism.The main innovations and insights of this article:The first is to re-understand the operating mechanism of China's national debt from the perspective of social reproduction,and make a new summary of the operation of national debt.First of all,this article divides the operation of national debt into four links,namely the issuance of national debt,capital placement,market and circulation,and repayment.Secondly,through the perspective of historical materialism,the historical evolution of each link is analyzed,and the historical experience and effectiveness of the national debt policy in different periods are explored.Third,it is related to the four links of production,distribution,exchange and consumption of social reproduction,exploring the connection between national debt and social reproduction.Finally,through empirical analysis to explore the current problems in the operation of China's national debt.Second,under the framework of social reproduction theory,combined with China's socialist market economic system,put forward new insights on the improvement of national debt management.In the current use and operation of China's national debt policy,there are problems such as imperfect management and lagging regulation.Therefore,this article explores the impact of national debt on the social reproduction process,and proposes perfect countermeasures for the four links of national debt operation.It is necessary to further improve the national debt issuance system,promote the development of my country's national debt market circulation,improve the effective mechanism of national debt fund investment,and establish a complete national debt repayment mechanism based on my country's debt and solvency.